Indian beauty unicorn Purplle raises $100m from Abu Dhabi wealth fund: report

Purplle co-founder and CEO Manish Taneja / Photo credit: Purplle

Amid India’s beauty boom, Mumbai-based beauty retailer Purplle has raised a US$100 million investment led by Abu Dhabi’s sovereign fund ADIA, The Economic Times (ET) reported, citing sources briefed on the matter.

This funding would raise Purplle’s valuation to between US$1.2 billion and US$1.3 billion, a 15% gain from last year, the people added. The retailer first joined the unicorn club in 2022.

An ADIA spokesperson decline to comment upon ET’s request, and Purplle had yet to respond at the time of the report.

In addition to ADIA, private equity fund Creaegis is also expected to join this round as a new backer. Meanwhile, current investor Premji Invest plans to expand its investment.

The round was also reportedly done through a mix of primary and secondary investment. The latter means that existing investors had divested shares to newer investors, with no new money flowing into the company.

Founded in 2011, Purplle has raised close to US$400 million in disclosed funding, according to Tech in Asia’s database. Among its backers are Peak XV Partners, Blume Ventures, and Goldman Sachs.

Its latest round comes as Foxtale, another direct-to-consumer firm in the beauty segment, had also just announced the close of its US$18 million series B funding round led by Singapore’s Panthera Growth Partners. The brand, which offers products for skin issues like acne, ageing, and hyperpigmentation, will use the capital to boost its online presence and introduce new product categories.

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